Cardlytics Inc (CDLX) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2023 Cardlytics, Inc. Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Cardlytics, Inc. 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the call over to your speaker for today, Nick Lynton, Chief Legal and Privacy Officer. Nick, please go ahead.

現在我想將電話轉交給今天的發言人、首席法律和隱私官尼克林頓 (Nick Lynton)。尼克，請繼續。

Good evening, and welcome to the Cardlytics Third Quarter 2023 Financial Results Call. Before we begin, let me remind everyone that today's discussion will contain forward-looking statements based on our current assumptions, expectations and beliefs, including expectations about our future financial performance and results including for the fourth quarter and full year 2023, adding new partners to the network, our partners' transition to the new ad server and user experience, the growth of Rippl, improvements to our operations, our platform and our U.K. business, international expansion, the Bridg earn-out payments and our liquidity. For a discussion of the specific risk factors that could cause our actual results to differ materially from today's discussion, please refer to the Risk Factors section of the company's 10-Q for the quarter ended September 30, 2023, which has been filed with the SEC.

晚上好，歡迎參加 Cardlytics 2023 年第三季財務業績電話會議。在我們開始之前，讓我提醒大家，今天的討論將包含基於我們當前的假設、預期和信念的前瞻性陳述，包括對我們未來財務業績和結果的預期，包括第四季度和2023 年全年的預期，增加新的合作夥伴網路、我們的合作夥伴向新廣告伺服器和用戶體驗的過渡、Ripple 的發展、我們營運、平台和英國業務的改進、國際擴張、Bridg 盈利支付和我們的流動性。有關可能導致我們的實際結果與今天的討論產生重大差異的具體風險因素的討論，請參閱公司截至 2023 年 9 月 30 日的季度 10-Q 的風險因素部分，該部分已向 SEC 備案。

Also during this call, we will discuss non-GAAP measures of our performance. GAAP financial reconciliation and supplemental financial information are provided in the press release issued today and the 8-K that has been filed with the SEC. Today's call is available via webcast, and a replay will be available for 1 week. You can find the information I have just described in the Investor Relations section of the Cardlytics website. Please note that a supplemental presentation to our third quarter results has also been posted on our Investor Relations website.

此外，在本次電話會議中，我們也將討論非公認會計準則的績效衡量標準。今天發布的新聞稿和已向 SEC 提交的 8-K 中提供了 GAAP 財務調節表和補充財務資訊。今天的電話會議可透過網路直播進行，重播將持續 1 週。您可以在 Cardlytics 網站的投資者關係部分找到我剛剛描述的資訊。請注意，我們第三季業績的補充介紹也已發佈在我們的投資者關係網站上。

Joining us on the call today is our CEO, Karim Temsamani; and our CFO, Alexis DeSieno. Following their prepared remarks, we'll open the call to your questions.

今天加入我們電話會議的是我們的執行長 Karim Temsamani；以及我們的財務長 Alexis DeSieno。在他們準備好的發言之後，我們將開始回答您的問題。

With that said, let me turn the call over to Karim.

話雖如此，讓我把電話轉給卡里姆。

Good evening, and thank you for joining our Q3 2023 earnings call. To start the call, I'd like to provide some context to this quarter, now that I've spent a year in the business. When I arrived last year, our finances needed to improve. Before I started, our Q2 2022 adjusted EBITDA annual run rate was worse than negative $55 million and adding to the difficulty our teams were facing. My immediate priority was to rightsize our cost structure and reinvest in building the foundations of our business, starting with our financial institution relationship.

晚上好，感謝您參加我們的 2023 年第三季財報電話會議。在開始通話之前，我想提供一些有關本季度的背景信息，因為我已經在這個行業工作了一年。當我去年到達時，我們的財務狀況需要改善。在我開始之前，我們的 2022 年第二季調整後 EBITDA 年運行率低於負 5500 萬美元，這增加了我們團隊面臨的困難。我的當務之急是調整我們的成本結構，並從我們的金融機構關係開始，再投資於建立我們的業務基礎。

While we have much left to accomplish, I am proud of the work our teams have done so far. The financial foundations of our business is stronger and our banking relationships are in a much better place. We can now think longer term about our growth prospects.

雖然我們還有很多工作要做，但我對我們的團隊迄今為止所做的工作感到自豪。我們業務的財務基礎更加牢固，我們的銀行關係也更加良好。我們現在可以更長遠地思考我們的成長前景。

Our results this quarter match this sentiment. We were in line with guidance on our top line metrics and better than expected on our profitability metrics. Of note, adjusted contribution grew 22% year-over-year and our adjusted EBITDA was positive for the first time in 2023 at $3.9 million. We also had positive operating cash flow for the second straight quarter. Alexis will provide more details later on our full financial results.

我們本季的業績符合這種情緒。我們的營收指標符合指引，獲利指標也優於預期。值得注意的是，調整後的貢獻年增 22%，調整後的 EBITDA 在 2023 年首次達到正值，達到 390 萬美元。我們也連續第二季實現正營運現金流。亞歷克西斯稍後將提供有關我們完整財務業績的更多詳細資訊。

Our solid financial performance this quarter points back to our underlying value proposition. For example, gas, grocery and convenience grew more than 65% this quarter year-over-year. We saw success because we helped brands target shoppers who buy competing brands. We deliver strong ROI for them, which helps us succeed in this category. Another vertical that saw success was travel and entertainment, which grew more than 20% in the quarter year-over-year. While consumer spend in travel and entertainment had softened in the back half of the year, our clients are still leaning into budget. Our platform helps them reward loyalty and acquire new customers, particularly in environments where spending is volatile. These positive results were balanced by subpar performance in restaurants and retail. We believe these verticals can and should be significant contributors to our business and we are aiming to drive high growth moving forward by reinvesting in our teams in these categories.

本季我們穩健的財務表現證明了我們的基本價值主張。例如，天然氣、雜貨和便利設施本季年增超過 65%。我們取得了成功，因為我們幫助品牌瞄準了購買競爭品牌的購物者。我們為他們提供了豐厚的投資報酬率，這有助於我們在這一領域取得成功。另一個成功的垂直產業是旅遊和娛樂，本季年增超過 20%。儘管今年下半年消費者在旅行和娛樂方面的支出有所疲軟，但我們的客戶仍然傾向於預算。我們的平台幫助他們獎勵忠誠度並獲得新客戶，特別是在支出波動的環境中。這些正面成果被餐廳和零售業的不佳表現所抵消。我們相信這些垂直行業可以而且應該對我們的業務做出重大貢獻，我們的目標是透過對這些類別的團隊進行再投資來推動高速成長。

As we saw with our vertical performance in the quarter, underlying fundamentals were mixed, unique consumers activating offers decreased 7% year-over-year in Q3, driven by the loss of the previously mentioned large restaurant clients. That said, unique customers with a redemption or spend per serve in the quarter saw a 13% increase, which indicates we are serving relevant and engaging offers to consumers. Where there will be quarter-to-quarter variation in activation, we expect unique customers activating to increase over time as we continue to evolve our platform.

正如我們在本季度的垂直業績中看到的那樣，基本面好壞參半，由於前面提到的大型餐廳客戶的流失，第三季度激活報價的獨特消費者同比下降了 7%。也就是說，本季進行兌換或每次服務支出的獨特客戶增加了 13%，這表明我們正在為消費者提供相關且有吸引力的優惠。雖然激活量會出現季度與季度的變化，但隨著我們平台的不斷發展，我們預計獨立客戶的激活量會隨著時間的推移而增加。

As we mentioned last quarter, our expectation was to sign one new bank partner by the end of 2023. We are excited to announce that our U.K. team signed Monzo, one of the fastest-growing banks in the U.K. We can't wait to launch in 2024 to help their customers save money on the brands that they love. And the teams aren't stopping there. Our partner pipeline remains strong, and we believe we will sign at least one more major bank partner in the U.S. over the next few months.

正如我們上季度所提到的，我們的期望是在2023 年底之前簽署一個新的銀行合作夥伴。我們很高興地宣布，我們的英國團隊簽署了Monzo，這是英國發展最快的銀行之一。我們迫不及待地想推出2024 年，幫助客戶在他們喜愛的品牌上省錢。團隊並沒有就此止步。我們的合作夥伴管道依然強勁，我們相信未來幾個月我們將在美國至少再簽約一家主要銀行合作夥伴。

Let's move to our strategic initiatives. In the quarter, we spent a considerable amount of time on strategic planning. [While I] expect an Investor Day at a later date, I do want to provide initial color on how I see our strategy evolving over the next 4 years. Our vision for the future of Cardlytics is aligned around 4 strategic pillars: One, strengthening our core product by driving user engagement and building out demand, supply and marketplace liquidity while simultaneously expanding the core business globally outside of the U.K.; two, scaling Bridg and Rippl and connecting it with the core (inaudible) to unlock a unique data and measurement ecosystem; three, broadening our reach to non-FIs to diversify supply and access the broader merchant ecosystem. This is a large growth vector for our business, but we require further exploration in the new year. And last, but also most importantly, embedding insight into everything we do, internally and externally, to become the most trusted commerce partner.

讓我們開始討論我們的策略舉措。在本季度，我們花了相當多的時間進行策略規劃。 [雖然我]預計稍後會舉行投資者日，但我確實想提供初步的信息，說明我對未來 4 年戰略發展的看法。我們對 Cardlytics 未來的願景圍繞著 4 個策略支柱：一是透過推動用戶參與度和建立需求、供應和市場流動性來加強我們的核心產品，同時在英國以外的全球範圍內擴展核心業務；第二，擴展 Bridg 和 Rippl 並將其與核心連接（聽不清楚），以解鎖獨特的數據和測量生態系統；第三，擴大我們對非金融機構的影響力，以實現供應多元化並進入更廣泛的商業生態系統。這對我們的業務來說是一個巨大的成長向量，但我們需要在新的一年進一步探索。最後，也是最重要的一點，將洞察力融入我們所做的一切（內部和外部）中，以成為最值得信賴的商業合作夥伴。

As a data company, this builds the credibility to reinforce our core and tap into new revenue streams. I'm excited about the future and potential of Cardlytics, and can't wait to discuss the detailed initiatives behind our strategy with all of you. And while I could spend most of the call discussing our strategic plan, I do want to move to our near-term initiatives that are critical to realizing many elements of this vision.

作為一家數據公司，這建立了可信度，以加強我們的核心並開拓新的收入來源。我對 Cardlytics 的未來和潛力感到興奮，迫不及待地想與大家討論我們策略背後的詳細舉措。雖然我可以花大部分時間討論我們的策略計劃，但我確實想談談我們的近期舉措，這些舉措對於實現這一願景的許多要素至關重要。

So first, let's discuss the key initiatives for our bank partners and advertisers. On the bank front, like last quarter, all our major U.S. banks have data in AWS, and most have systems in AWS. In the quarter, a large U.K. bank completed the migration, moving us closer to 100% completion. We still expect nearly all our major banks to migrate to AWS, and the new user experience by the middle of 2024. We continue to have constructive conversations with our partners, and we want to drive to full adoption as soon as possible.

首先，讓我們討論一下我們的銀行合作夥伴和廣告商的關鍵措施。在銀行方面，與上季一樣，我們所有的美國主要銀行都在 AWS 中擁有數據，大多數銀行都在 AWS 中擁有系統。本季度，一家英國大型銀行完成了遷移，使我們更接近 100% 完成率。我們仍然預計幾乎所有主要銀行都將在 2024 年中期遷移到 AWS，並獲得新的用戶體驗。我們將繼續與合作夥伴進行建設性對話，並希望盡快推動全面採用。

One bank focused area that saw significant progress was adoption of our ad decisioning engine or ADE. If you recall, ADE drives high (inaudible) and offer relevancy for the business through improved targeting. This quarter, two of our largest banks fully adopted ADE. We're excited about the increases in overall engagement we see with ADE and can't wait for all of our banks to adopt this new product.

銀行重點關注的領域之一是採用我們的廣告決策引擎（ADE），這一領域取得了重大進展。如果您還記得的話，ADE 會提高（聽不清楚）並透過改進定位來提供業務相關性。本季度，我們最大的兩家銀行全面採用 ADE。我們對 ADE 整體參與度的提高感到非常興奮，並且迫不及待地希望我們所有的銀行都採用這項新產品。

We continue to scale our advertising product to provide our partners and advertisers new ways to drive engagement and return on ad spend. Multi-tier offers which provide variable incentives based on objectives are seeing rapid adoption and have shown 2x better performance than our baseline offering in some campaigns. For example, a customer came to us with an ask to increase premium membership purchases. Historically, this customer saw a split of 50% premium membership to 50% basic memberships. Our multi-tier offers were able to drive consumers to an 80% premium membership split, providing additional value for its advertisers and its consumers.

我們繼續擴展我們的廣告產品，為我們的合作夥伴和廣告商提供新的方式來提高參與度和廣告支出回報。根據目標提供可變激勵的多層優惠正在快速採用，並且在某些活動中表現出比我們的基準優惠高出 2 倍的效果。例如，有位客戶來找我們，要求增加高級會員的購買量。從歷史上看，該客戶的高級會員比例為 50%，基本會員比例為 50%。我們的多層優惠能夠推動消費者獲得 80% 的高級會員分成，為廣告主和消費者提供額外的價值。

We're also continuing to make improvements to our operations. Several key items were completed in the quarter that we expect to significantly improve our execution, including transitioning legacy processes to our data lake and facilitating new interfaces for onboarding new publishers such as Monzo. We are also continuing to make improvements to our operations. Several key items were completed in the quarter that we expect to significantly improve our execution, including transitioning legacy processes to our data lake and facilitating new interfaces for onboarding new publishers such as Monzo. We've also made process improvements that have significantly reduced the time to onboard a merchant from 2 weeks to just 2 days.

我們也將繼續改進我們的營運。本季度完成了幾個關鍵項目，我們預計將顯著提高我們的執行力，包括將遺留流程過渡到我們的資料湖，以及為 Monzo 等新發布商提供新介面。我們還在繼續改進我們的營運。本季度完成了幾個關鍵項目，我們預計將顯著提高我們的執行力，包括將遺留流程過渡到我們的資料湖，以及為 Monzo 等新發布商提供新介面。我們也進行了流程改進，將商家進駐時間從 2 週大幅縮短至 2 天。

Moving to Bridg and Rippl. For our customer data platform or CDP product, we re-signed a national retailer to a large long-term contract. This is a great win for us and evidence that the CDP product can deliver the data enrichment that larger retailers need. Earlier this quarter, we launched Rippl, our retail media network. To remind you, we believe Rippl will provide CPG brand flexibility in building sophisticated audiences, seamless access to a national footprint and user-friendly tools that empower them to gain valuable insights, drive substantial incremental sales and accurately measure the impact of their campaign. While the lumpiness we expected in growth for the platform is materializing, we are making solid progress in transforming the business. We have 33 million profiles live on Rippl and the initial feedback is strong. We also recently hired a Chief Revenue officer for the business to help increase our growth. We expect to announce some big wins in the coming quarters, and we see strong potential for Rippl to scale in 2024 and beyond.

搬到布里奇和里普爾。對於我們的客戶資料平台或 CDP 產品，我們與一家全國零售商重新簽訂了一份大型長期合約。這對我們來說是一個巨大的勝利，也證明了 CDP 產品可以提供大型零售商所需的資料豐富性。本季度早些時候，我們推出了零售媒體網路 Ripple。提醒您的是，我們相信Ripple 將為CPG 品牌提供建立成熟受眾的靈活性、無縫訪問全國足跡和用戶友好的工具，使他們能夠獲得有價值的見解、推動大幅增量銷售並準確衡量其活動的影響。儘管我們預期該平台成長的不穩定性正在成為現實，但我們在業務轉型方面正在取得紮實進展。我們在 Ripple 上擁有 3300 萬個個人資料，並且最初的回饋很強烈。我們最近也為該業務聘請了一位首席營收官，以幫助促進我們的成長。我們預計將在未來幾季宣布一些重大成果，我們看到 Ripple 在 2024 年及以後擴大規模的巨大潛力。

Let's move to the global business. While Monzo is the big news, I do have another important update. Please join me in welcoming Ian Carrington, who will serve in a newly created General Manager of International role. Ian helped build several [million-dollar] global businesses from scratch at Google and has over 25 years of experience in global markets. At Cardlytics, he will be charged with leading a global expansion and strategic business development. We're extremely excited to have attracted him to Cardlytics and I look forward to providing more updates around our global business plans in the near future.

讓我們轉向全球業務。雖然 Monzo 是個大新聞，但我還有另一個重要更新。請和我一起歡迎伊恩‧卡林頓 (Ian Carrington)，他將擔任新設立的國際總經理一職。 Ian 幫助 Google 從零開始建立了數家價值數百萬美元的全球業務，並在全球市場擁有超過 25 年的經驗。在 Cardlytics，他將負責領導全球擴張和策略業務發展。我們非常高興能吸引他加入 Cardlytics，我期待在不久的將來提供更多有關我們全球業務計劃的更新。

Moving to our outlook. On the surface, consumer spend looked solid this quarter with a 5.6% increase year-over-year, largely driven by gas prices. But despite this persistent spending, inflation is still higher than normal and some of our financial institutions partners highlighted elevated interest rates, lower deposits and higher credit card charge-offs as negative indicators. In our conversations with advertisers, we are seeing elevated [cushions] around commitments and the size of advertising budgets given trends that they are seeing in Q4.

轉向我們的展望。從表面上看，本季消費者支出看起來很穩健，年成長 5.6%，這主要是受到汽油價格的推動。但儘管支出持續存在，通膨仍高於正常水平，我們的一些金融機構合作夥伴強調利率上升、存款減少和信用卡沖銷增加是負面指標。在我們與廣告商的對話中，鑑於他們在第四季度看到的趨勢，我們看到圍繞承諾和廣告預算規模的[緩衝]有所增加。

It appears that some of the moderate optimism in Q2 has [cited] ground to renewed recessionary concern. Economic volatility will impact our Q4 billings and revenue, but our adjusted EBITDA should still be positive in Q4. We can also reach positive adjusted EBITDA for the full year if we execute on our plan.

第二季度的一些溫和樂觀情緒似乎引發了新一輪的衰退擔憂。經濟波動將影響我們第四季的帳單和收入，但我們調整後的 EBITDA 在第四季度仍應為正。如果我們執行我們的計劃，我們還可以實現全年調整後的正 EBITDA。

We remain highly focused on our cash flow and profitability as we navigate this choppy environment. The trajectory of our adjusted EBITDA and operating cash flow since Q1 of 2022 is reflective of the incredible effort and dedication from our team to rightsize our business and I think a great predictor of our future success.

在應對這個動盪的環境時，我們仍然高度關注現金流和獲利能力。自2022 年第一季以來，我們調整後的EBITDA 和營運現金流的軌跡反映了我們團隊為調整業務規模所付出的令人難以置信的努力和奉獻精神，我認為這是我們未來成功的一個很好的預測指標。

And like we've discussed, there are many exciting developments coming over the next few quarters that will drive growth forward in the coming years. By the end of 2024, we expect our platform to look completely different with new large bank partners, a broader and deeper data set, more sophisticated audience targeting, better analytics and reporting and a variety of ad formats that will drive increased engagement. We are confident in our strategy for the next 4 years, and our belief in our long-term growth prospect has never been stronger.

正如我們所討論的，未來幾季將出現許多令人興奮的發展，這些發展將推動未來幾年的成長。到2024 年底，我們預計我們的平台將與新的大型銀行合作夥伴完全不同，擁有更廣泛、更深入的數據集、更複雜的受眾定位、更好的分析和報告以及將推動更高參與度的各種廣告格式。我們對未來四年的策略充滿信心，對長期成長前景的信心也從未如此強烈。

Now I will turn it over to Alexis to discuss our financial results.

現在我將把它交給亞歷克西斯討論我們的財務表現。

Thank you, Karim. I'm thrilled to be addressing all of you today on my first earnings call. I spent my first 80 days as CFO meeting the teams, evaluating next steps for our capital structure and beginning to optimize our finance processes and systems. I also helped lead the 4-year strategic planning process that Karim mentioned. There is room to expand our addressable market and diversify our revenue streams while maintaining a focus on profitability and cash flow to strengthen our balance sheet. I'm excited to be joining at this time in our trajectory. We are positioned to be the leader in providing trusted and intelligent business insights, and there are a few other platforms that have the level of data and reach that we do. This gives us the right to compete with any platform in our space. And in the post-cookie landscape, the trends align with our strengths.

謝謝你，卡里姆。我很高興今天能在第一次財報電話會議上向大家發表演說。在擔任 CFO 的頭 80 天裡，我與團隊會面，評估我們資本結構的後續步驟，並開始優化我們的財務流程和系統。我還幫助領導了卡里姆提到的四年策略規劃流程。我們還有擴大目標市場和實現收入來源多元化的空間，同時保持對獲利能力和現金流的關注，以加強我們的資產負債表。我很高興此時加入我們的發展軌跡。我們的定位是成為提供值得信賴和智慧的業務洞察的領導者，並且還有一些其他平台具有我們的數據水平和覆蓋範圍。這使我們有權與我們領域的任何平台競爭。在後 cookie 時代，趨勢與我們的優勢一致。

In the near term, I have 3 major priorities: First, driving incremental revenue through pricing improvements and monetization of our assets, which will ultimately allow us to deliver more insights to our partners. Second, continuing to embrace automation and data analytics across the organization to allow us to make more informed decisions more quickly and more nimbly. Third and most importantly, being hyper focused on profitability, and improving our balance sheet and capital structure. This will allow us to deliver our goals and our promise to investors.

短期內，我有 3 個主要優先事項：首先，透過定價改善和資產貨幣化來增加收入，這最終將使我們能夠向合作夥伴提供更多見解。其次，繼續在整個組織內採用自動化和數據分析，使我們能夠更快、更靈活地做出更明智的決策。第三，也是最重要的一點，高度關注獲利能力，改善我們的資產負債表和資本結構。這將使我們能夠實現我們的目標和對投資者的承諾。

Now let's move to our results and guidance. As Karim mentioned, we delivered solid third quarter results with billings, revenue and adjusted contribution consistent with our Q3 guidance and adjusted EBITDA exceeding our Q3 guidance. We had our second consecutive quarter of positive operating cash flow at $1.2 million and our first quarter in 2023 of positive adjusted EBITDA of $3.9 million. We are showing sequential improvements and momentum on profitability.

現在讓我們看看我們的結果和指導。正如卡里姆所提到的，我們第三季業績強勁，帳單、收入和調整後貢獻與我們第三季的指導一致，調整後的 EBITDA 超過我們第三季的指導。我們連續第二季的營運現金流為 120 萬美元，2023 年第一季的調整後 EBITDA 為 390 萬美元。我們顯示出盈利能力的連續改善和勢頭。

My comments will be year-over-year comparisons for the third quarter, unless I state otherwise. Billings increased 5% to $116.4 million, primarily due to sales to new advertisers. Revenue increased 9% to $79 million, primarily due to a decrease in consumer incentives as a result of changes in our mix of financial institutions and pricing. Our top 5 customers accounted for 22% of revenue this quarter compared to 19% last year. Adjusted contribution increased 22% to $42.9 million.

除非我另有說明，我的評論將是第三季的同比比較。比林斯成長 5%，達到 1.164 億美元，主要是因為向新廣告商的銷售。營收成長 9%，達到 7,900 萬美元，主要是由於我們的金融機構和定價組合發生變化，導致消費者激勵措施減少。我們的前 5 名客戶佔本季營收的 22%，去年為 19%。調整後的捐款增加了 22%，達到 4,290 萬美元。

Geographically, U.S. revenue increased 10%. For our top advertisers across both years, revenue increased 30%. These increases were driven by higher brand spend and pricing improvements. U.K. revenue decreased 12% due mainly to the loss of a major bank partner last year. For the U.K., this is a sequential improvement over Q2, which we expect to continue in the next several quarters due to the additional supply from signing Monzo and from auto enrollment launching with another large bank partner set to begin in the next several months.

從地理上看，美國的收入成長了 10%。對於我們的頂級廣告商來說，這兩年的收入成長了 30%。這些成長是由品牌支出增加和定價改善所推動的。英國收入下降 12%，主要原因是去年失去了一家主要銀行合作夥伴。對於英國來說，這是比第二季度連續改善的情況，我們預計這種情況將在未來幾季持續改善，因為與Monzo 的簽約以及與另一家大型銀行合作夥伴將在未來幾個月開始的自動註冊服務帶來了額外的供應。

For Bridg, revenue increased 10%, driven by contract extension of existing clients. As Karim said, we launched Rippl in August and have added 33 million profiles to our database with the line of sight to adding additional profiles in the near term, which enables us to scale and drive network effects.

在現有客戶合約延期的推動下，Bridg 的營收成長了 10%。正如 Karim 所說，我們在 8 月推出了 Ripple，並向我們的資料庫添加了 3300 萬個配置文件，並計劃在短期內添加更多配置文件，這使我們能夠擴展並推動網路效應。

Adjusted contribution grew 22% with the margin calculated off of revenue of 54% compared to 48% 1 year ago. We are seeing the benefits of our partner share renegotiation with JPMorgan Chase as well as product improvements. Adjusted EBITDA exceeded the high end of guidance and was positive for the first time in 2023 at $3.9 million, which is $16.7 million better than Q3 of 2022. Bridg was profitable for the second quarter in a row. Operating cash flow was $1.2 million and positive for the second consecutive quarter. While operating expenses, excluding stock-based compensation, came in lower than expected at $38.9 million, we still expect the run rate to be in the low $40 million range per quarter.

調整後的貢獻增加了 22%，以收入計算的利潤率為 54%，而一年前為 48%。我們看到了我們的合作夥伴與摩根大通重新談判股份以及產品改進的好處。調整後 EBITDA 超出了指導上限，並在 2023 年首次實現正值，達到 390 萬美元，比 2022 年第三季度高出 1,670 萬美元。Bridg 連續第二季度實現盈利。營運現金流為 120 萬美元，連續第二季為正值。雖然營運費用（不包括股票薪酬）低於預期的 3,890 萬美元，但我們仍預計每季的營運費用將在 4,000 萬美元的低水平範圍內。

Our focus is on improving our profitability and cash flow and the expectation moving forward is to be operating cash flow positive and adjusted EBITDA positive on an annual basis in 2024. On the contingent consideration for the second anniversary earn-out payment related to our acquisition of Bridg, we continue to believe the payment amount to be $0. However, [SRS,] the group representing the former Bridg shareholders submitted a notice in Q3 objecting to our calculations. We continue to believe our calculations are correct and are fully prepared to defend our position of $0.

我們的重點是提高我們的獲利能力和現金流，未來的預期是到 2024 年年度營運現金流為正，調整後的 EBITDA 為正。關於與我們收購相關的兩週年獲利付款的或有對價Bridg，我們仍然認為付款金額為0 美元。然而，[SRS] 代表前 Bridg 股東的團體在第三季提交了一份通知，反對我們的計算。我們仍然相信我們的計算是正確的，並已做好充分準備捍衛我們的 0 美元頭寸。

On the balance sheet, we ended Q3 with $90.1 million in cash and cash equivalents, and we had $4 million of unused available borrowings under our line of credit. We still believe that our available liquidity is sufficient to support our long-term plans. However, capital structure is top of mind for me, and we plan to address our upcoming debt maturities on an appropriate time line.

在資產負債表上，第三季末我們的現金和現金等價物為 9,010 萬美元，信用額度下還有 400 萬美元未使用的可用借款。我們仍然相信我們的可用流動性足以支持我們的長期計劃。然而，資本結構對我來說是首要考慮的問題，我們計劃在適當的時間內解決即將到期的債務問題。

Before I turn to guidance, I want to note that we changed the definition on how we report our MAUs to reflect unique users within each bank regardless of the number of cards or accounts that they have at that bank. We believe this change is a more accurate view of our region monetization ability. Under the new definition, MAUs were $162.5 million, an increase of 4%. Also based on this new definition, ARPU during Q3 was $0.49 compared to $0.47 last year.

在轉向指導之前，我想指出的是，我們更改了報告月活躍用戶數的定義，以反映每家銀行內的唯一用戶，無論他們在該銀行擁有多少張卡或帳戶。我們相信這項變化是對我們地區貨幣化能力的更準確的看法。根據新定義，每月活躍用戶數為 1.625 億美元，成長 4%。同樣根據這一新定義，第三季的 ARPU 為 0.49 美元，而去年為 0.47 美元。

Now turning to Q4 guidance. For most of the year, we have discussed the macro trends and dynamics that are causing uncertainty and mixed results in the advertising market. Our advertisers have shown renewed caution around budgets. However, we expect a strong adjusted EBITDA result given the work we've done on our cost structure. With that in mind, for Q4, we expect billings is between $122 million and $133 million, revenue between $82 million and $90 million, adjusted contribution between $44 million and $50 million and adjusted EBITDA between positive $4 million and positive $8 million. Billings are primarily driven by growth in travel and continued success in our everyday spend categories. This growth is partially offset by weakness in restaurant and retail. Despite the mix trends, we are seeing our largest clients spend more with us.

現在轉向第四季的指引。在今年的大部分時間裡，我們討論了導致廣告市場不確定性和好壞參半的結果的宏觀趨勢和動態。我們的廣告商對預算再次表現出謹慎態度。然而，鑑於我們在成本結構方面所做的工作，我們預計調整後的 EBITDA 結果將強勁。考慮到這一點，我們預計第四季度的帳單將在1.22 億美元到1.33 億美元之間，營收在8,200 萬美元到9,000 萬美元之間，調整後的貢獻在4,400 萬美元到5,000 萬美元之間，調整後的EBITDA 在正400 萬美元到正800 萬美元之間。帳單主要由旅行的成長和日常支出類別的持續成功推動。這一增長被餐飲和零售業的疲軟部分抵消。儘管存在混合趨勢，但我們看到最大的客戶在我們這裡花費更多。

Advertisers spending more than $1 million per year are up 15%. For example, we closed a deal in October with one of the largest retailers in the United States, that should push them to over 8 figures in Billings in 2023 and around 20x their spend from 2022. This is a solid demonstration of how we can grow budgets with our existing clients as they get comfortable with the value proposition of our platform, particularly around our ability to drive incremental loyalty spend.

每年花費超過 100 萬美元的廣告商成長了 15%。例如，我們在10 月與美國最大的零售商之一達成了一項協議，這將使他們在2023 年的比林斯銷售額達到8 位數以上，並從2022 年起將支出增加約20倍。這是我們如何實現成長的有力證明當我們現有客戶對我們平台的價值主張感到滿意時，他們會與我們一起制定預算，特別是圍繞我們推動增量忠誠度支出的能力。

And in most years prior to 2022, we saw unplanned holiday budgets materialize in the fourth quarter. We have not assumed these budgets in our forecast, so they could provide additional upside given the large number of days between Thanksgiving and Christmas this year.

在 2022 年之前的大多數年份中，我們都看到計劃外的假期預算在第四季度實現。我們的預測中沒有假設這些預算，因此考慮到今年感恩節和聖誕節之間有很多天，它們可以提供額外的上漲空間。

While Q4 and full year Billings growth is mixed, we are on track for a second consecutive quarter of positive adjusted EBITDA. The midpoint of our Q4 adjusted EBITDA guidance implies we will be close to breakeven for the full year 2023. Our annual adjusted EBITDA could be over $40 million better than 2022. These are incredible achievements by the teams.

雖然第四季和全年比林斯的成長好壞參半，但我們有望連續第二季實現正向調整 EBITDA。我們在第四季度調整後EBITDA 指導的中點意味著我們將在2023 年全年接近收支平衡。我們的年度調整後EBITDA 可能比2022 年高出4000 萬美元以上。這些都是團隊取得的令人難以置信的成就。

Like Karim said, we are bullish on the long term. We've added more supply in the U.K. We expect to sign another bank partner in our core business and nearly all of our banks should be on our new systems by the middle of 2024. We are adding profiles to the Bridg Retail Media network and revenue should follow as we continue to scale the business. We have identified our strategic costs and our teams are hard at work on turning these initiatives into real growth. While we expect some bumpiness given the seasonality of our business, we are on a path to sustain positive operating cash flow and positive adjusted EBITDA on an annual basis.

正如卡里姆所說，我們看好長期發展。我們在英國增加了更多供應。我們預計在我們的核心業務中籤署另一家銀行合作夥伴，到2024 年中期，幾乎所有銀行都應該使用我們的新系統。我們正在為Bridg 零售媒體網絡和收入添加配置檔案隨著我們繼續擴大業務規模，應該遵循這一點。我們已經確定了我們的策略成本，我們的團隊正在努力將這些措施轉化為真正的成長。雖然考慮到我們業務的季節性，我們預計會出現一些坎坷，但我們正在努力保持每年正的營運現金流量和正的調整後 EBITDA。

And with that, I will turn it back over to Karim.

這樣，我會將其轉回給卡里姆。

As you know, I am extremely happy with the progress we've made on our financial structure. The trajectory of our profitability has dramatically improved of our run rate in Q2 of 2022. We are gathering speed with each passing quarter. Our platform is starting to look different and the collective improvements we are making to our product and operation are far exceeding our pace from prior years. And can back this up with recent feedback from our banks who have told us we are moving at a much better pace than in prior years. Our dedication to product leadership, financial health and strategic growth is setting us on a promising course and I'm looking forward to the future.

如您所知，我對我們在財務結構方面的進展感到非常滿意。我們的獲利能力軌跡在 2022 年第二季大幅提高了運行率。每個季度我們都在加快速度。我們的平台開始看起來有所不同，我們對產品和營運所做的集體改進遠遠超過了前幾年的步伐。我們銀行最近的回饋也可以支持這一點，銀行告訴我們，我們的進展速度比前幾年快得多。我們對產品領先地位、財務健康和策略成長的奉獻使我們走上了一條充滿希望​​的道路，我對未來充滿期待。

(Operator Instructions) Your first question comes from the line of Kyle Peterson from Needham.

（操作員說明）您的第一個問題來自 Needham 的 Kyle Peterson。

I wanted to start off on the outlook, checking on your billings and revenue. I guess a lot of the commentary sounds pretty positive in terms of feedback you guys are getting from, I think, your larger clients, but I guess the numbers looked a little light. So I just wanted to see what is driving that. Is this more of a consumer spending headwind kind of the other side of the funnel? Or is this just broader pressure, especially with some clients that maybe aren't some of the larger advertisers? Or is there something else at play here?

我想從展望開始，檢查您的帳單和收入。我想，從你們從大客戶那裡得到的回饋來看，很多評論聽起來都相當積極，但我想這些數字看起來有點少。所以我只是想看看是什麼推動了這一點。這是否更像是漏斗另一邊的消費者支出逆風？或者這只是更廣泛的壓力，特別是對於一些可能不屬於較大廣告商的客戶？或者還有其他的事情在起作用嗎？

Thanks, Kyle, for the question. Just to step back first, as you know, Kyle, our priority has been to put this company back on the right financial footing. While obviously, at the same time, rebuilding many parts of our operations. I think we've demonstrated that we've made very large progress going from a run rate of close to $55 million in EBITDA losses to a breakeven situation. So what's really critical here is that we now believe that we can run the company profitably on a much lower cost base. This will allow us to concentrate on growing our revenues going forward. But going back to sort of the gist of your question, it's clear that our revenue guidance is lower than we had hoped for for a couple of reasons. One, there are macro factors at play. I mentioned some of that on the call, we're seeing that inflation is still high. Interest rates also, and we're definitely seeing some points of weakening consumer demand and signals are pointing to that.

謝謝凱爾提出的問題。首先退一步，正如你所知，凱爾，我們的首要任務是讓這家公司恢復正確的財務基礎。顯然，與此同時，我們正在重建我們營運的許多部分。我認為我們已經證明我們已經取得了很大的進步，從 EBITDA 損失接近 5500 萬美元到盈虧平衡。因此，真正關鍵的是，我們現在相信我們可以在更低的成本基礎上實現公司的利潤。這將使我們能夠集中精力增加未來的收入。但回到你問題的要點，很明顯，我們的收入指引低於我們的預期，原因有幾個。第一，有宏觀因素在作用。我在電話會議上提到了其中的一些內容，我們看到通膨仍然很高。利率也是如此，我們肯定會看到一些消費者需求疲軟的情況，而訊號也表明了這一點。

And obviously, there's a lot of additional feedback that you're hearing in the market with regards to weakening consumer signals. We're also seeing some weakness in some of the sectors which we are addressing internally. There's definitely (inaudible) for us to do better with our sales drive in some of our teams given that we're seeing inconsistency in delivery between some high-growth sectors and some much lower in some declining sectors. So there's definitely work that we want to do internally. And then I would say there's also a few areas that we wanted to be cautious around in the guidance we provided, but that could provide additional benefits in the quarter. The longer-than-normal holiday sales cycle this year could potentially help us. And we're still hoping that there will be unplanned budget (inaudible) at this time of the year that we could have like last minute.

顯然，您在市場上聽到了很多關於消費者訊號減弱的額外回饋。我們也發現我們正在內部解決的一些領域中存在一些弱點。鑑於我們發現一些高成長行業和一些衰退行業中的低得多的行業之間的交付不一致，我們肯定（聽不清楚）我們的一些團隊的銷售動力需要做得更好。所以我們肯定想在內部做一些工作。然後我想說，我們在提供的指導中還有一些領域需要謹慎對待，但這可能會在本季度帶來額外的好處。今年比正常情況更長的假日銷售週期可能會對我們有所幫助。我們仍然希望每年的這個時候會有計劃外的預算（聽不清楚），我們可以像最後一刻那樣完成。

So overall, we're very positive about the future. We're cautious about Q4, but we're very positive about the future. We see a positive EBITDA for Q4 and possibly for the whole year as we said. We see that some categories are growing very well and that we're continuing to grow large accounts that are spending a lot more with us. We want to emulate that more consistently across the business. We see that we're winning more supply. And we see that new ad formats and ad tech and ADE will soon be at scale and will help us continue to improve our monetization potential. So definitely not where we want to be in Q4, but some very good sort of outlook for us longer term.

總的來說，我們對未來非常樂觀。我們對第四季持謹慎態度，但對未來非常樂觀。正如我們所說，我們預計第四季度甚至全年的 EBITDA 將為正值。我們看到一些類別成長得非常好，我們正在繼續增加大客戶，這些客戶在我們身上花費了更多。我們希望在整個企業中更加一致地效仿這一點。我們看到我們正在贏得更多供應。我們看到新的廣告格式、廣告技術和 ADE 很快就會形成規模，並將幫助我們繼續提高獲利潛力。因此，這絕對不是我們想要在第四季度達到的水平，但對我們來說，長期前景非常好。

Got it. That's helpful. And then maybe if I could follow up on some of the newer products. It seems like there's some good traction there. I guess any metrics you might be able to share or -- whether it's qualitative or quantitative on some of the adoption of these products. Our clients that are using these are some of these new logo wins that are interested in these? Or is this expansion with existing clients? Or is there's some pure substitution, but happier clients are kind of all of the above?

知道了。這很有幫助。然後也許我可以跟進一些新產品。看起來那裡有一些很好的牽引力。我想您可能能夠分享任何指標——無論是關於這些產品的某些採用的定性還是定量。我們正在使用這些的客戶是否對這些新徽標感興趣？還是對現有客戶的擴展？或者是否有一些純粹的替代，但以上所有內容都讓客戶更滿意？

Yes. I mean -- I think there's two parts to your question. The first one is that the adoption of our tech at scale is a great benefit for us longer term. So in the call I mentioned that ADE drives high (inaudible) and offer relevancy for the business so that we can improve targeting. Now that we have 2 of our largest bank that have fully adopted ADE, we can see that there will be further benefits for us going forward. And then certainly, the adoption of new product features like multi-tier offers, which I've also talked about on the call, definitely enables us to have different discussions with clients and bring new clients as well to the ecosystem. And I've been talking over the last few quarters about new pricing models. We're trialing some of these now. And obviously, there's no numbers that we want to share yet until some of these things add scale. But there are many elements of co-offering where we really see potential growth going forward.

是的。我的意思是──我認為你的問題有兩個部分。第一個是，大規模採用我們的技術對我們的長期發展來說是一個巨大的優勢。因此，在電話會議中，我提到 ADE 驅動力較高（聽不清楚）並為業務提供相關性，以便我們可以改善目標定位。現在我們最大的兩家銀行已完全採用 ADE，我們可以看到，我們未來將會獲得更多好處。當然，採用新產品功能（如我在電話中也談到過的多層優惠）絕對使我們能夠與客戶進行不同的討論，並將新客戶引入生態系統。過去幾季我一直在談論新的定價模式。我們現在正在嘗試其中一些。顯然，在其中一些事情擴大規模之前，我們還沒有想要分享的數字。但我們確實看到了聯合服務的許多要素未來的潛在成長。

Got it. That makes sense and it's helpful. And maybe if I could just squeeze one more modeling question in. Nice to see the adjusted contribution margin move up nicely in the third quarter and the 4Q guide kind of implies that seems like it's going to continue. Is there any mix whether it's types of offers or anything in the pipeline? Or is this kind of 54-ish percent run rate for just contribution? Is that a good run rate to use moving forward in our models?

知道了。這是有道理的，而且很有幫助。也許我可以再提出一個建模問題。很高興看到調整後的貢獻邊際在第三季大幅上升，而第四季指南暗示這種情況似乎會持續下去。無論是優惠類型還是正在醞釀中的任何內容，是否有任何混合？或者這種 54% 左右的運行率只是貢獻？在我們的模型中，這是一個很好的運行率嗎？

This is Alexis. I can take this one. So the benefit you're seeing in adjusted contribution is primarily due to the renegotiation of a major bank contract as well as a small mix shift from our financial institutions. So we do have different agreements with each one, which does drive some of the changes there. You're also seeing that impact in revenue, so changes to partner mix. And as I said on the call, also improvements in pricing. So I do think that Q3 is a more normalized state going forward. And so that would be a good thing to continue.

這是亞歷克西斯。我可以拿走這個。因此，您在調整後的繳款中看到的好處主要是由於主要銀行合約的重新談判以及我們金融機構的小規模組合轉變。因此，我們確實與每個協議都有不同的協議，這確實推動了一些變化。您也看到了收入的影響，因此合作夥伴組合發生了變化。正如我在電話中所說，定價也有所改善。所以我確實認為第三季是一個更正常化的狀態。因此，繼續下去將是一件好事。

The next question comes from the line of Jason Kreyer from Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Jason Kreyer。

Karim, just wondering if you can talk about -- you indicated things are getting a little bit less stable as we get into Q4. What are you hearing from advertisers? Like are you seeing campaigns get paused? Are you seeing those get terminated? Or are you getting any transparency around things are being paused in the short term, but some indications that those may come online at some point in the future? Just trying to get some more detail there.

卡里姆（Karim），只是想知道您是否可以談談 - 您表示，隨著我們進入第四季度，事情變得有點不太穩定。您從廣告商聽到了什麼？就像您看到活動暫停一樣嗎？你看到那些被終止了嗎？或者您對短期內暫停的事情有任何透明度，但有跡象表明這些事情可能會在未來的某個時候上線？只是想在那裡獲得更多細節。

Yes. Thanks. What we're seeing is that there's no uniformity across the various verticals. There's definitely a number of verticals where we're seeing very strong growth, as we've mentioned on the call as well. Some of our everyday spend categories like grocery, gas and convenience are really growing very, very strongly year-on-year. Travel and entertainment also is doing well. We are definitely seeing that in other industries like retail and restaurants, for instance, there's a lot more caution and some of the budgets that you would see normally at this time of the year really come up, particularly in retail, are a lot softer than we expected. Some of that is definitely driven by sort of caution around the economy and the ability for consumers to spend. We know that there's definitely a lot of issues around this period for many retailers as consumers just get further into debt. But there's also things that we're looking at ourselves because we definitely want to drive more consistency in how we are driving the business across all of our verticals, and we think we have opportunities to ourselves improve the performance of our business. So yes, does that answer your question, Jason?

是的。謝謝。我們看到的是，各個垂直領域並不存在統一性。正如我們在電話會議中提到的那樣，我們肯定在許多垂直領域中看到了非常強勁的成長。我們的一些日常支出類別，如雜貨、天然氣和便利設施，年成長確實非常非常強勁。旅遊和娛樂也表現良好。我們確實看到，在零售和餐飲等其他行業，人們更加謹慎，每年這個時候通常會看到的一些預算確實會增加，特別是在零售業，比一年中的這個時候要軟得多。我們預計。其中一些肯定是由對經濟和消費者消費能力的謹慎所推動的。我們知道，隨著消費者進一步負債，許多零售商在這段期間肯定會遇到許多問題。但我們也正在審視自己的一些事情，因為我們確實希望在所有垂直領域推動業務的方式上更加一致，我們認為我們自己有機會提高業務績效。是的，這能回答你的問題嗎，傑森？

That's very helpful. I also just wanted to see if we can step back and talk a little bit about what you view as the market opportunity for Rippl. And then the go-to-market for you guys on -- if you expect to do a lot of that independently or if there's partnerships you're looking to pursue to kind of strengthen that or broaden that go-to-market approach?

這非常有幫助。我也只是想看看我們是否可以退後一步，談談您認為 Ripple 的市場機會。然後是你們進入市場的問題——如果你們希望獨立做很多事情，或者如果你們希望尋求合作夥伴關係來加強這一點或擴大進入市場的方法？

Yes. Well, so as a reminder, Rippl really provides a single part of access to anonymized shopper profiles, which we enrich with (inaudible) level data. So advertisers that are using Rippl will have an ability to have transparent shopper data that they can use to drive additional spend and a better shopping experience for consumers. We expect that there's going to be choppiness in how Bridg and Rippl scale. It's very new businesses. And obviously, we are in very early stages of talking to many of our customers there. But -- and I would say as well that sort of the time lines for getting customers to join the Rippl network is longer than our core product as well. But having said that, we're thrilled with the progress we're making. We're getting a lot of positive feedback from discussions we're having with both retailers and CPG brands. We have promising pilots in progress, and we have a number of discussions with large clients that are going well. And on top of that, we've just hired a new CRO for Bridg, who will help us scale the Bridg and Rippl business, and we expect that to contribute meaningfully in 2024. So we're very excited about the prospects, but expect some choppiness as we build that business.

是的。好吧，提醒一下，Rippl 確實提供了訪問匿名購物者個人資料的單一部分，我們透過（聽不清楚）層級的數據來豐富這些資料。因此，使用 Rippl 的廣告主將能夠獲得透明的購物者數據，利用這些數據來推動額外支出並為消費者提供更好的購物體驗。我們預期 Bridg 和 Rippl 的擴展方式將會出現波動。這是非常新的業務。顯然，我們正處於與那裡的許多客戶交談的早期階段。但是——我還要說的是，讓客戶加入 Ripple 網路的時間軸也比我們的核心產品更長。但話雖如此，我們對所取得的進展感到非常興奮。我們從與零售商和消費品品牌的討論中得到了很多正面的回饋。我們正在進行一些有希望的試點項目，並且與大客戶進行了多次討論，進展順利。最重要的是，我們剛剛為Bridg 聘請了一位新的CRO，他將幫助我們擴展Bridg 和Rippl 業務，我們預計這將在2024 年做出有意義的貢獻。因此，我們對前景感到非常興奮，但預計我們在開展這項業務時會遇到一些波動。

Last one for me. I wanted to just maybe double-click on the multi-tier offers, which sounds like a really interesting opportunity. What is the gating factor to that growing more rapidly? Is there -- like do you need more banks on the ADE or the user experience? Or does it just take more time to get advertisers on there?

最後一張給我。我想雙擊多層優惠，這聽起來是一個非常有趣的機會。其快速成長的限制因素是什麼？是否需要更多的 ADE 銀行或使用者體驗？還是只是需要更多時間才能吸引廣告主加入？

Yes, it depends on sort of the goals that advertisers have and their ability to have differentiated type pricing or sort of offering for their customers. So multi-tier offers going to be a very successful product for us. That's going to be relevant for many of our customers, but not for all of our customers. We're certainly having multi -- a number of discussions about multi-tier offers with customers right now, and we're planning to scale it as fast as we can. One of the things that I would mention though is that having more of these type of products to sell also opens up discussion for the core product. So as you have more product to sell and can have new discussions with advertisers or when you see them seeing that maybe the multi-tier offer is not relevant for them right now or even in the future, but they end up spending on sort of the normal rewards offers that we have. So it's relevant in many different areas. So as we have this product at scale, and again, I appreciate you all asking for numbers, but we want to see them at scale so that we can provide more meaningful data with regards to the impact that they're having on our network, and we certainly plan to do that in the future.

是的，這取決於廣告商的目標以及他們為客戶提供差異化定價或產品的能力。因此，多層優惠對我們來說將是一個非常成功的產品。這與我們的許多客戶相關，但不適用於所有客戶。當然，我們現在正在與客戶就多層優惠進行多次討論，並且我們計劃盡快擴大規模。我要提到的一件事是，銷售更多這類產品也會引發核心產品的討論。因此，當您有更多產品要銷售並且可以與廣告商進行新的討論時，或者當您看到他們看到多層優惠可能與他們現在甚至將來不相關時，但他們最終會在某種我們提供的正常獎勵。因此它在許多不同領域都具有相關性。因此，當我們大規模擁有這個產品時，我再次感謝大家詢問數字，但我們希望看到它們的規模，以便我們可以提供更有意義的數據，了解它們對我們網絡的影響，我們當然計劃將來這樣做。

At this time, I would now like to turn it back over to the speaker for any further comments. So back to you, Karim.

現在，我想將其轉回給發言人以徵求進一步的意見。回到你身上，卡里姆。

Thank you very much, Felicia. That brings the call to a close. As mentioned, we remain committed to positioning the business for future success. Thank you for your continued support, and I look forward to speaking to you all soon.

非常感謝你，費莉西亞。通話就此結束。如前所述，我們仍然致力於為未來的成功定位業務。感謝您一直以來的支持，我期待很快與大家交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。